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My brother has a lien on the house we inherited from our mother. He wants me to sell, but I refuse, since he won't agree to pay so I can renovate first. If we don't sell "as is", he will either sue for partition or foreclose on his lien. He says partition is riskier because we lose control over the sale price. He says foreclosure is more difficult, but at least he'll have control of the sale.
There is LOTS of equity left in the house, yet he won't agree to a 2nd mortgage to renovate (and sell for more). Apparently, I can't force him to take a mortgage to renovate. Right?
My question: What happens if he forecloses? Do the other co-owners lose their share of the house's equity? By foreclosing, isn't he stealing our shares of the house? How does this differ from partition?